Guideline Value for New Colony 3rd Street

New Colony 3rd Street guideline value

The current guideline value of New Colony 3rd Street is Rs 3,900 per sq.ft, effective from 1 July 2024. This street is located in Adambakkam village, under the Alandur SRO, and is classified as Residential Class I Type - III.

How the guideline value of New Colony 3rd Street has changed

The guideline value for New Colony 3rd Street has seen significant changes over the years. In 2002, the value was Rs 291 per sq.ft, which increased to Rs 367 per sq.ft in 2003, marking a 26% increase. The value continued to rise, reaching Rs 900 per sq.ft in 2007, a remarkable 145% increase from the previous revision. The 2012 revision saw the value at Rs 3,500 per sq.ft, reflecting a substantial 289% increase from 2007. However, this figure dropped to Rs 2,345 per sq.ft in 2017, a decrease of 33%.

From 2017 to 2023, the guideline value increased significantly to Rs 3,500 per sq.ft, showing a 49% rise. The most recent revision in 2024 set the value at Rs 3,900 per sq.ft, an 11% increase from 2023. Overall, from 2002 to 2024, the guideline value has increased by 1240%.

Guideline values in Adambakkam

In Adambakkam, there are 569 streets under the Alandur SRO that carry a 2024 guideline value ranging from Rs 2,800 to Rs 11,000 per sq.ft. The median guideline value is Rs 3,900 per sq.ft, which is the same as the guideline value for New Colony 3rd Street.

• New Colony 4th Street: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Street Extension: Rs 3,900 per sq.ft (2024)
• New Colony 5th Street: Rs 3,900 per sq.ft (2024)
• New Colony 2nd Street: Rs 3,900 per sq.ft (2024)
• New Colony 6th Street: Rs 3,900 per sq.ft (2024)
• New Colony 7th Street: Rs 3,900 per sq.ft (2024)

Stamp duty and registration fee for property in New Colony 3rd Street

For a 1,000 sq.ft plot at the current rate of Rs 3,900 per sq.ft, the guideline value would be Rs 39,00,000. The stamp duty at 7% would amount to Rs 2,73,000, and the registration fee at 2% would be Rs 78,000, totaling Rs 3,51,000. It is important to note that duty is charged on the higher of the guideline value or the sale price. For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers New Colony 3rd Street?

The Sub Registrar Office that covers New Colony 3rd Street is the Alandur Sub Registrar Office, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Adambakkam

The guideline value is a crucial factor in property transactions in Adambakkam. It serves as a benchmark for determining the minimum value at which properties can be registered. When buying or selling property, the guideline value is used to calculate the applicable stamp duty and registration fees.

When a property is registered, the guideline value is compared to the sale price, and the higher of the two is used to calculate the stamp duty. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of New Colony 3rd Street?

The current guideline value of New Colony 3rd Street is Rs 3,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly from Rs 291 per sq.ft in 2002 to Rs 3,900 per sq.ft in 2024, representing an overall increase of 1240% over the years.

What is the stamp duty for property in New Colony 3rd Street?

The stamp duty for property in New Colony 3rd Street is calculated at 7% of the guideline value or the sale price, whichever is higher.

Which office handles registrations for New Colony 3rd Street?

The Alandur Sub Registrar Office handles registrations for New Colony 3rd Street, located at 12 Ist Main Road, Nanganallur Co-operative Society Lt, Nanganallur, Chennai-600061.

What are the other streets in Adambakkam with the same guideline value?

Other streets in Adambakkam that have the same guideline value of Rs 3,900 per sq.ft include New Colony 4th Street, New Colony 2nd Street Extension, New Colony 5th Street, New Colony 2nd Street, New Colony 6th Street, and New Colony 7th Street.